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Adjusting traditional models and communications to engage your client base

Kerstin Jungmann

Head of Digital Sales & Business Development @Zeedin at HAUCK AUFHÄUSER LAMPE in Germany


Audio Transcript

Today, I’m talking about the adjustment of traditional models and communications to engage your next client base. So, first of all, let me tell you client needs changed. I really know, you’ve probably heard that a lot by now. But it’s true. The modern Wealth Management client is not satisfied anymore with receiving a reporting every quarter a year and meet their banker every once in a while.
So, our clients demand fast and transparent solutions for the highly individual wealth situation. Due to our smartphones and apps, we are used to have the information we need whenever we want just at hand.
This reflects on our clients to across the modern banks and wealth managers must deliver a clean and seamless user experience through the apps, through their websites, through their digital channels and through other digital services.
To keep prospects and clients engaged, it is essential to be visible in the online and in the offline world. Especially in wealth management, I would say the competition is fierce. Nowadays, cost leadership through cheap ETF savings plan is not enough anymore. The wealth manager must have a true well through the user-friendly digital experience and the personal contact possibilities. So, the hybrid model. As Eric mentioned previously, we can see a clear shift to a strong prevalence of self-services for clients where possible.
However, when clients have individual questions, they want to have their answers quickly. So sometimes these questions can’t be answered through a Q&A on a website, or something like that. The client advisor relationship manager is still an essential part of the client experience. So, the medium of communication just changed compared to the traditional word. And here the only channel comes into action. Clients want to contact their advisor in just a few taps or clicks through the website through apps or through the contact on their phones. They do not enjoy talking to a computer voice for hours until finally talking to a human to be honest, who does. Other clients prefer to send an email or use the chat on the website. Others still value meeting up in person. So, what matters the most is that they get timely and qualified answer to the questions frictionless through the medium they prefer.
Furthermore, I want to highlight the importance of trust and investor education. All these questions about personal finance, investment strategies, and digital business models are not the favorite topics of the general public and ceremony. It’s nothing new. But to strongly believe that only an educated client who has a trustful relationship with the bank or the wealth manager can realize strong and long-term success. So, to sum it up, the quality of transparency and accessibility of information for prospects and clients is better than ever before. The medium of communication evolved and became hybrid via the omni channel. And last but not least every once in a while, a webinar or in person event does not hurt the relationship and the brand visibility. So, thank you so much for listening.